Dollar Tree completes acquisition of Family Dollar

Dollar Tree Inc., Chesapeake, Va., said it completed the acquisition of Charlotte, N.C.-based Family Dollar Stores Inc. Under the terms of the merger agreement, Family Dollar shareholders are entitled to receive $59.60 in cash and 0.2484 of a share of Dollar Tree common stock for each share of Family Dollar common stock.

"We are pleased to announce we have completed our acquisition of Family Dollar, and we formally welcome the Family Dollar team to the Dollar Tree organization," stated Bob Sasser, CEO. "This is a transformational opportunity for our business to offer broader, more compelling merchandise assortments, with greater values, to a wider array of customers.

"This acquisition will extend our reach to low-income customers, while strengthening and diversifying our footprint," he added. "We plan to leverage best practices across both organizations to deliver significant cost synergies. Combined, our growth potential is enhanced with improved opportunities to increase store productivity and to open more stores across multiple banners."

Dollar Tree also announced that Gary Philbin was named president and chief operating officer of Family Dollar, effective immediately. In his new role, Philbin will continue to report to Sasser. He joined Dollar Tree as senior vice president of stores in December 2001, and was later promoted to chief operating officer in March 2007 and to president in June 2013. Prior to joining Dollar Tree, Philbin held senior-level positions in both merchandising and operations during his 30 years in the retail grocery industry.

"I am very proud to announce that Gary will be taking on his new leadership role of Family Dollar Stores," Sasser said. "Gary has played an integral role in the success of Dollar Tree over the past 14 years. Notably, Gary was instrumental in improving the Dollar Tree customer shopping experience and the related customer satisfaction, as well as leading the integration following our Canadian acquisition in 2010."